Indonesian Journal of Business Analytics

The Impact of Perceived Ease of Use and Financial Self-Efficacy on Financial Loyalty: The Mediating Role of Trust

Niken Amelia, Mardiyani — Tue, 30 Jun 2026 00:00:00 +0000

This study aims to examine the effects of perceived ease of use and financial self-efficacy on financial loyalty, with trust as a mediating variable, among Generation Z digital bank customers in Cirebon. A quantitative approach was employed using an online survey with 150 respondents selected through purposive sampling. Data were analyzed using Structural Equation Modelling–Partial Least Squares (SEM-PLS) with SmartPLS 4. The results show that perceived ease of use and financial self-efficacy positively influence trust and financial loyalty. Trust is also found to mediate these relationships. These findings imply that improving system usability and financial capability can strengthen customer trust and enhance loyalty in digital banking.

The Impact of Divestment and Acquisition on Company Performance

Depince Pigai, Hasim As'ari — Tue, 23 Jun 2026 00:00:00 +0000

Most companies in Indonesia restructured their portfolios in 1997 during the economic crisis, but the results were mixed after restructuring their portfolios. After the economic crisis, portfolio restructuring in the form of divestments and acquisitions in Indonesia continues with mixed results, as well as the results of divestment research and acquisitions are still diverse and not conclusive. In developing countries, especially in Indonesia, there have not been many research results on divestment and acquisition with moderated company size. The study examined the effect of divestment, acquisition and company size as moderation variables on a company's performance. A total of 54 issuers are listed in the IDX 2011 - 2019 which conducts divestments and acquisitions. The study used multiple regression analysis and moderation regression analysis (MRA) which that explains the relationship 2 independent variables. Divestment and acquisitions on the research proven to have an impact on firm performance and firm size as a moderating variable proved to be able to moderate the impact of the divestment of the firm performance but not proven to be able to moderate the impact of acquisitions on firm performance Expected results of this research are beneficial to the development of the theory of portfolio restructuring, beneficial for executives, managers, business analysts, and investors to determine the priority of the type of restructuring the portfolio to improve the performance of the company

Return on Assets as A Mediator: The Effect of Current Rasio and Debt to Equity Ratio on Firm Value

Shidiq Baddruzzaman, Mardiyani, Benny Dhevyanto — Thu, 02 Jul 2026 00:00:00 +0000

Escalating rivalry within the corporate landscape compels enterprises, particularly those in the technological sphere, to perpetually refine and safeguard their organizational worth. Within the Indonesian context, the tech industry serves as a pivotal pillar for bolstering national economic progress and fast-tracking digital transformation. Nevertheless, despite its critical contributions, this sector has witnessed a persistent downturn in equity performance throughout the preceding three-year period. This inquiry investigates how the Current Ratio (CR) and Debt to Equity Ratio (DER) impact corporate value, utilizing Return on Assets (ROA) as an intervening factor. Employing a quantitative framework with a causal-associative blueprint, the study analyzed data via path analysis using LISREL version 10.20 to assess both proximate and distal variable correlations. The population encompasses technology-based entities listed on the Bursa Efek Indonesia from 2022 to 2024. Through purposive sampling, 25 organizations were identified, yielding 75 distinct observations. Empirical evidence indicates that CR exerts no substantial influence on either ROA or market valuation. Conversely, while DER significantly affects ROA, it lacks a direct statistical link to firm value. Findings highlight that ROA markedly determines firm value and functions as an effective bridge between DER and corporate worth, though it fails to facilitate the impact of CR. Consequently, tech-driven businesses should emphasize optimizing asset productivity and profitability—specifically by leveraging intangible resources—to bolster their market standing and secure investor trust.

Does Financial Distress Delay Financial Reporting? The Moderating Role of Corporate Governance in Property and Real Estate Firms

Tue, 30 Jun 2026 00:00:00 +0000

This study examines whether financial distress delays financial reporting and whether corporate governance moderates this relationship in Indonesian listed property and real estate firms. Financial reporting delay (FRD) is measured using audit report lag, defined as the number of days between the fiscal year-end and the date of the independent auditor’s report. A higher FRD value indicates longer reporting delay and lower financial reporting timeliness. Financial distress is measured using a dummy variable based on the modified Altman Z-Score classification, while corporate governance is measured using a Corporate Governance Index based on ASEAN Corporate Governance Scorecard dimensions. Using 216 firm-year observations from Indonesian listed property and real estate companies during 2022–2024, the study applies moderated regression analysis. The findings show that financial distress has a positive and significant effect on FRD, indicating that distressed firms experience longer reporting delays. Corporate Governance Index has a negative and significant effect on FRD, suggesting that stronger governance reduces reporting delay. Moreover, the interaction between financial distress and corporate governance is negative and significant, indicating that corporate governance weakens the delay effect of financial distress. These findings highlight the importance of governance quality in maintaining timely audited reporting under financial pressure.

The Effect of Green Investment and Corporate Social Responsibility (Csr) on Financial Performance With Environmental Performance as a Moderating Variable in Energy Sector Companies on the Idx

Putri Panangguhan, Maiyaliza, Agustina — Tue, 30 Jun 2026 00:00:00 +0000

This study aims to analyze the influence of Green Investment and Corporate Social Responsibility (CSR) on financial performance measured using Return on Assets (ROA) with Environmental Performance as a moderating variable in energy sector companies listed on the Stock Exchange. Indonesia (BEI) period 2021–2024. Study This use This study uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, and the PROPER rating issued by the Ministry of Environment and Forestry. The research sample consisted of 10 energy sector companies with a total of 40 observations. The analytical method used is panel data regression with the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA) using EViews software.

The results of the study show that Green Investment does not have a significant effect on ROA, indicating that green investment has not been able to provide a direct impact on the company's financial performance in the short term. Meanwhile, Corporate Social Responsibility (CSR) has a positive and significant effect on ROA, indicating that CSR disclosure can improve the financial performance of energy sector companies. Furthermore, Environmental Performance is unable to moderate the effect of Green Investment on ROA, but it is able to moderate and strengthen the effect of CSR on ROA. These findings indicate that the effectiveness of CSR in improving financial performance will be stronger if supported by by performance environment company Which Good. Study This provide implications that strategy sustainability company sector energy need emphasizes the quality of CSR implementation and environmental performance as important factors in improving financial performance.

Building Green Purchase Intention: The Mediating Role of Green Trust on Green Packaging and Green Product of Mountoya

Muhamad Dani Fiqri, May Dedu, Tiara Muthiarsih — Sat, 04 Jul 2026 00:00:00 +0000

The purpose of this study is to test the role of green trust in mediating the influence of green packaging and green products on green purchase intention in Mountoya bottled drinking water consumers. Increasing environmental awareness and competition in the bottled water industry are important backgrounds in understanding the factors that encourage environmentally friendly purchasing intentions. This study uses a quantitative approach by collecting data from 170 Mountoya consumers in Cirebon City using purposive sampling techniques through a structured questionnaire. Data analysis was carried out using the Partial Least Square (PLS) method with the help of SmartPLS software. The results of the study show that green packaging and green products have a positive and significant effect on green trust, and green trust has a positive effect on green purchase intention. Other findings show that green packaging does not have a direct effect on purchase intention, but its effect becomes significant when mediated by green trust, while green products have a significant effect both directly and through green trust. These findings confirm the importance of consumer trust in encouraging environmentally friendly purchase intentions.

Dynamics of Crude Palm Oil and Fresh Fruit Bunches Prices in the Era of Biodiesel Policy in Indonesia

Muhammad Farhan Kurniawan — Sat, 04 Jul 2026 00:00:00 +0000

This study aims to analyze the dynamics of Crude Palm Oil prices and Fresh Fruit Bunches prices in the era of biodiesel policy in Indonesia. The study employs a quantitative approach using the Vector Error Correction Model method to examine both short-run and long-run relationships among Crude Palm Oil prices, Fresh Fruit Bunches prices, world oil prices, exchange rates, and biodiesel policy. The data used in this study consist of monthly time series data from 2021 to 2025 obtained from Statistics Indonesia, Bank Indonesia, the Palm Oil Plantation Fund Management Agency, and the World Bank Commodity Price Data. The results show that Crude Palm Oil prices and Fresh Fruit Bunches prices experienced significant fluctuations during the study period. The Johansen cointegration test indicates the existence of a long-run relationship among Crude Palm Oil prices, Fresh Fruit Bunches prices, world oil prices, exchange rates, and biodiesel policy. The implementation of biodiesel policy increased domestic demand for Crude Palm Oil, thereby affecting the dynamics of Indonesia’s palm oil market prices. In addition, Fresh Fruit Bunches prices tended to follow the movement of Crude Palm Oil prices, indicating the existence of a price transmission mechanism between the downstream and upstream sectors of the palm oil industry in Indonesia. This study also reveals that Indonesia’s palm oil market has become integrated with the global energy market, implying that changes in global energy prices and biodiesel policy can influence the stability of domestic palm oil commodity prices.

The Effect of Return on Assets, Current Ratio, Debt to Equity, and Net Profit Margin on the Share Prices of Non-Cyclicals consumer goods Companies Listed on the Bei During the 2021-2023 Period

Indah Julita Sianipar, Brina Manalu, Sasysha Dera, Jenny Zain, Oky Syahputra — Wed, 17 Jun 2026 00:00:00 +0000

Changes in the Stock Price are not only a reflection of the , but also the result of a complex interaction of various internal and external factors that affect investors' perception of the Company's prospects. Internally, economic key figures such as profitability (net profit margin), liquidity (current ratio), asset utilization (return on assets), and financing structure (debt ratio) provide essential information about the stability of the business and the ability to generate profits. This study uses a quantitative approach with secondary data. A multiple linear regression analysis was used to examine the data. According to the study results, the ROA variable significantly influences the cost of shares. in contrast to CR, DER, NPM has no effect on stock prices. This shows that investors should be able to consider other factors as the basis for stock investment. These findings indicate that the company should improve its economic performance in order to attract capital investors in the financial market. The actual consequence is hat the company has the ability to manage resources effectively to generate profits. maximum return and thus strengthen investors' confidence.

The Role of Employee Engagement in Mediating the Effect of Perceived Organizational Support on Employee Performance (A Study of F&B Department Employees at Puri Santrian A Beach Resort and Spa Sanur)

Komang Sri Mediani Dewi, Agoes Ganesha Rahyuda — Tue, 30 Jun 2026 00:00:00 +0000

Employee performance is an essential factor determining a company’s success in achieving its organizational goals. One important factor that can affect how well employees perform is the level of perceived organizational support. Employees tend to thrive when they feel that their company fosters a supportive work setting, making them feel valued and recognized. This study seeks to explore how organizational support impacts employee performance, particularly by looking at employee engagement as a mediating variable. The research involved employees from the F&B department at Puri Santrian A Beach Resort and Spa Sanur, and it included 54 respondents who were chosen using the census method. Data were gathered using an online survey sent out through Google Form. For analyzing this data, the study utilized path analysis with the help of SPSS version 22.0. The findings show that organizational support positively and significantly impacts employee performance. Additionally, organizational support also positively affects employee engagement in a significant way. Moreover, employee engagement is shown to positively and significantly influence employee performance. It has been set up that worker engagement mostly intercedes the relationship between organizational back and representative execution. This research enhances the understanding of Social Exchange Theory and aims to provide companies with insights to improve organizational support, ultimately boosting employee engagement and performance in the workplace.

The Effect of Profitability on Firm Value with Dividend Policy as an Intervening Variable in the Banking sector at the Indonesian Stock Exchange (BEI) for the 2022-2024 Period

Wulan Sri Hartati, Maiyaliza, Agustina — Tue, 30 Jun 2026 00:00:00 +0000

The purpose of this study is to examine how profitability affects the value of businesses in the banking industry that are listed on the Indonesia Stock Exchange (IDX) between 2022-2024, using dividend policy as an intervening variable. The background of this research is based on increasing investor attention to company value amid the dynamics of post-pandemic economic recovery and monetary policy fluctuations. Return on Assets (ROA), Dividend Payout Ratio (DPR) for dividend policy, and Tobin's Q for firm valuation were used to gauge profitability. Using the Structural Equation Modeling (SEM) method based on Partial Least Squares (PLS) and SmartPLS software, this study employed a quantitative methodology. The yearly financial statements of banking firms that were listed on the IDX during the study period served as the secondary data source. The study's findings demonstrate that a company's worth is positively impacted by profitability. However, dividend policy is negatively impacted by profitability, and company value is negatively impacted by dividend policy. Although their indirect impact is minimal, dividend policies have been demonstrated to moderate the relationship between profitability and firm value. These results are consistent with residual dividend theory and signaling theory, which explain why profitable businesses typically retain earnings for internal purposes in order to sustain long-term growth. In order to boost the firm's value in a sustainable way, this research has significance for investors and company management when deciding on dividend policies and profit management tactics.

The Effect of Debt to Equity Ratio and Total Asset Turnover on Return on Assets with Profit Growth as a Moderating Variable in the Manufacturing Sector Listed on the Indonesia Stock Exchanged

Rachmania Syifa, Maiyaliza — Tue, 30 Jun 2026 00:00:00 +0000

With profit growth acting as a moderating variable, this study attempts to examine the impact of Total Asset Turnover (TATO) and DER on ROA in manufacturing businesses listed on the Indonesia Stock Exchange between 2022 and 2024. Using secondary data from business financial accounts, this study uses a quantitative methodology. Purposive sampling was used to determine the sample, yielding 78 observations. Multiple regression and MRA were used to analyze the data. The findings show that ROA is significantly impacted negatively by DER and positively by TATO. Nevertheless, the association between TATO and DER on ROA cannot be moderated by profit growth, suggesting that asset efficiency and capital structure have a greater impact on profitability.

The Effect of ESG Disclosure on Company Value with Profitability as a Moderation Variable

Yulius Paul Pian, Sari Rusmita, Umiaty Hamzani — Sat, 04 Jul 2026 00:00:00 +0000

This study aims to examine the influence of Environmental, Social, and Governance (ESG) disclosure on Company Value proxied using Tobin's Q, as well as to test the role of profitability as a moderation variable in companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The study used an explanatory quantitative approach with panel data consisting of 117 companies during the observation period, resulting in 574 observations (unbalanced panels). The model selection was carried out through the Chow Test, the Hausman Test, and the Lagrange Multiplier (LM) Test. The test results showed that the Chow Test (p=0.0000), the Hausman Test (p=0.0407), and the LM Test (p=0.0000) directed the best model to the Fixed Effect Model (FEM). The results of the estimate show that ESG has a coefficient of −0.044 (p=0.823) so that it does not have a significant effect on the Company's Value. The ESG×ROA moderation variable also showed a coefficient of −0.161 (p=0.856) so it was not proven to moderate the relationship between ESG and Company Value. However, the model is simultaneously significant with an F-statistic value of 8.239 and Prob(F-statistic)=0.0000, so the model is considered feasible to use. An Adjusted R² value of 0.599 indicates that the model is able to explain 59.9% of Tobin's Q variations. These results are in line with Patima et al. (2024) which found that environmental disclosure did not have a significant effect on the company's value in the basic materials sector on the IDX.

Company Capability as a Driver of Corporate Sustainability Performance in the Submarine Cable Ecosystem in Indonesia

Nanang Hendarno, Sulaeman Rahman Nidar — Fri, 19 Jun 2026 00:00:00 +0000

This study aims to test and analyze the influence of company capability on corporate sustainability performance in the submarine cable industry in Indonesia. The study uses a quantitative approach with the Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis method. The research population is 27 companies operating in the submarine cable industry in Indonesia. The results of this study show the significant role of company capability in driving corporate sustainability performance in the submarine cable ecosystem in Indonesia. Technological capability is a dimension that plays a dominant role in strengthening company capability in supporting the achievement of corporate sustainability performance. The results of this study provide a theoretical contribution by integrating RBV and dynamic capability in the framework of the submarine cable industry in Indonesia. The managerial implication for corporate management in the submarine cable ecosystem in Indonesia, is the need for strategic investment in technology capabilities.

Superiors' Support for Work Achievement with Self Efficacy as a Mediation Variable at PT Indomarco Adi Prima Distribution Center Tangerang

Ferdi Muhammad, Anna Suzana — Sat, 27 Jun 2026 00:00:00 +0000

Employee performance plays a crucial role in determining organizational effectiveness, particularly within the distribution and logistics industry where employees are required to meet demanding operational targets. This study investigates the effect of supervisor support on employee performance while examining the mediating role of self-efficacy among employees of PT Indomarco Adi Prima Distribution Center Tangerang. A quantitative research design was employed using a survey approach. Data were gathered through questionnaires administered to 130 employees selected through proportionate stratified random sampling. The collected data were analyzed using linear regression analysis and the Sobel mediation test with the assistance of SPSS software. The findings indicate that supervisor support has a significant positive impact on employee performance. Furthermore, supervisor support was found to positively influence employees’ self-efficacy, which in turn contributes significantly to improved work performance. The mediation analysis confirmed that self-efficacy serves as an intermediary mechanism through which supervisor support enhances employee performance. These findings highlight the strategic importance of supportive leadership practices in strengthening employees’ confidence and capabilities, thereby fostering sustained improvements in organizational performance.

Strengthening Msme Branding Competencies Through Social Media-Based Problem Based Learning (Pbl) in the Context Of Student Business Management

Winda Widya Dini, Feriandy, Deni Indra Purnama Koto — Tue, 30 Jun 2026 00:00:00 +0000

This study aims to analyze the effectiveness of implementing the Problem Based Learning (PBL) method assisted by social media in improving students’ MSME branding abilities from a business management perspective. The background of this study is based on the still limited practical abilities of students in implementing digital branding strategies relevant to business needs. The research method used is Classroom Action Research (CAR), conducted in two cycles, including the stages of planning, implementation, observation, and reflection. The research subjects were Management Study Program students taking the Social Media Technology course. Data collection techniques were carried out through observation, performance assessment, documentation, and questionnaires, while data analysis used qualitative and quantitative approaches.

The results of the study indicate a significant improvement in students’ abilities in the aspects of branding strategy planning, content creativity, and MSME social media management, with the average score increasing from 66.7 in Cycle I to 83.3 in Cycle II. In addition, there was an increase in student participation, collaboration, and active involvement in the learning process. These findings indicate that the integration of PBL with social media is able to create contextual, applicable, and experience-based learning that is relevant to modern business management practices, particularly in digital marketing and MSME development.

Synergy of Ethical Leadership and Emotional Intelligence to Increase Employee Job Satisfaction

Muharti, Albafery, Darimi — Tue, 30 Jun 2026 00:00:00 +0000

This study aims to analyze the synergy of ethical leadership and emotional intelligence in improving employee job satisfaction. The research location was at the Garuda Health Center in Pekanbaru City with a sample of 44 employees selected through accidental sampling techniques. The data was analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach with the help of SmartPLS software. The results showed that ethical leadership had a significant positive effect on job satisfaction (original sample = 0.503; p = 0.000), and emotional intelligence also had a significant positive effect on job satisfaction (original sample = 0.469; p = 0.000). The combination of these two variables forms an effective synergy model with a contribution of 78.2%. These findings indicate that the culture of leaders' discussions in solving problems and listening to subordinate input is able to generate optimal employee job satisfaction.

The Influence of Green Marketing and Social Media Engagement on Purchase Decisions of The Body Shop Products among Consumers in Cirebon City

Amanda Putri Denika, Rahmadi — Wed, 01 Jul 2026 00:00:00 +0000

Businesses are encouraged to implement sustainable and interactive marketing tactics by rising consumer knowledge of environmental issues and the intensity of social media use. The purpose of this study is to examine how social media engagement and green marketing affect Cirebon City customers' decisions to buy products from The Body Shop. This study employs a quantitative approach with a survey method, collecting data from 158 individuals chosen through purposive sampling procedures using a structured questionnaire. With the aid of SPSS software, multiple linear regression was used to examine the data. The study's findings demonstrate that green marketing significantly and favorably affects purchase decisions, suggesting that eco-friendly marketing techniques might boost consumer preferences and confidence. Additionally, Purchase Decisions are positively and significantly impacted by Social Media Engagement, highlighting the significance of customer involvement through social media in influencing purchase behavior. With a determination coefficient value of 75.6%, the two independent factors significantly influenced purchasing decisions at the same time. These results serve as the foundation for businesses to create more successful and customer engagement-focused marketing strategies, as well as an empirical contribution to the development of sustainable marketing and digital marketing studies.

The Effect of Compliance with Islamic Accounting Standards on the Profitability of Islamic Banks in Indonesia

Mardi — Thu, 02 Jul 2026 00:00:00 +0000

This study aims to analyze the effect of Compliance with Islamic Accounting Standards (CIAS) on the profitability of Islamic banks in Indonesia, proxied by Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). Compliance with Islamic accounting standards is considered an important indicator in reflecting the transparency, accountability, and quality of financial reporting in Islamic financial institutions. This study employed a quantitative approach using an explanatory research method involving 40 Islamic banks registered with the Financial Services Authority during the 2020–2024 period, selected through purposive sampling techniques. Secondary data were obtained from annual financial reports and analyzed using descriptive analysis, classical assumption tests, multiple linear regression, hypothesis testing, and coefficient of determination analysis. The results indicate that Compliance with Islamic Accounting Standards has a positive and significant effect on all profitability indicators, namely ROA (0.001), ROE (0.026), and NPM (0.001). These findings suggest that higher compliance with Islamic accounting standards leads to higher profitability among Islamic banks. This study contributes to the development of Islamic accounting knowledge and serves as a reference for Islamic bank management and regulators in improving compliance quality to support sustainable financial performance.

The Effect of Profitability and Leverage on Firm Value With ESG Disclosure as a Mediating Variable in Coal, Metal and Mineral Sub-Sector Companies

Anindya Cresentia Bariq, Krisdiana — Tue, 30 Jun 2026 00:00:00 +0000

This study aims to determine the influence of profitability and leverage on firm value mediated by ESG Disclosure in mining companies in the coal, metal, and mineral sub-sector listed on the Indonesia Stock Exchange for the 2020-2024 period. The data used is secondary data from the annual financial statements and sustainability reports. This study uses descriptive and verifiable methods. The sample used was purposive sampling with a total of 14 companies that met the criteria for the 2020-2024 research period. The analysis technique used Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the help of SmartPLS software. The results of the study show that profitability has a positive and significant effect on the firm value, while leverage does not have a significant effect on the firm value. Profitability has no significant effect on ESG Diclosure, while leverage has a significant effect on ESG Diclosure. Furthermore, ESG Diclosure does not have a significant effect on the firm value. The results of the mediation test showed that ESG Diclosure was unable to mediate the influence of profitability and leverage on the firm value. The findings of this study show that the value of mining sector companies is more influenced by financial performance, especially profitability, than by ESG practices. In addition, ESG has not acted as a mediation mechanism between profitability and leverage on firm value. This research is expected to contribute to the development of the literature and become a consideration for management and investors.

Bibliometric Visualization of Global Trends in Financial Literacy and Digital Household Debt 2020-2025

Maria Suryaningsih, Susi Susilawati, Ramdany, Ridwan saleh, Samukri — Tue, 30 Jun 2026 00:00:00 +0000

Low levels of financial literacy are a major factor contributing to household debt and poor financial decision-making. This study aims to map the development of literature on financial literacy and household debt during 2020–2025 using a bibliometric approach. A total of 427 Scopus-indexed articles were analyzed using Bibliometrix (RStudio) and VOSviewer. The findings reveal that financial literacy is strongly associated with financial education, debt behavior, and financial resilience. The United States and Indonesia were the leading contributors, while Olivia S. Mitchell and Annamaria Lusardi emerged as influential authors in scientific collaboration networks. The study concludes that financial literacy plays a strategic role in shaping household financial behavior and reducing over-indebtedness. It recommends contextual educational programs, international research collaboration, and longitudinal studies to strengthen long-term impacts.

The Impact of Sales Growth and Digital Revenue on Financial Performance in Digital Companies in Indonesia

Ario Purdianto, Auryn Shafarina — Fri, 26 Jun 2026 00:00:00 +0000

This study aims to analyze the influence of Sales Growth and Digital Revenue on Financial Performance in digital companies in Indonesia for the period 2022–2024. The rapid development of the digital economy is not always accompanied by increased company profitability, so it is necessary to examine the factors that influence financial performance. This study uses a quantitative approach with a multiple linear regression method on 60 digital companies selected using a purposive sampling technique. Financial Performance is measured using Return on Equity (ROE), Sales Growth is measured based on annual revenue growth, while Digital Revenue is measured using Digital Revenue Share (DRS), which is the ratio of digital revenue to total company revenue.The results of the study indicate that Sales Growth has a positive and significant effect on ROE. Digital Revenue also has a positive and significant effect on ROE and has a more dominant influence than Sales Growth. Simultaneously, Sales Growth and Digital Revenue have a significant effect on Financial Performance with an Adjusted R Square value of 0.895, indicating that 89.5% of the variation in ROE can be explained by these two independent variables. These findings indicate that successful digital monetization through increased digital revenue is a key factor in improving the financial performance of digital companies.

The Influence of Social Media Marketing on Purchase Intention through Customer Experience

Maulana Iqbal N, Siska Fatimah — Tue, 30 Jun 2026 00:00:00 +0000

With customer experience serving as a mediating variable, this study attempts to investigate how social media marketing affects purchase intention among Indonesian marketplace users. A survey with 150 respondents was used in a quantitative manner. PLS-SEM was used to analyse the data obtained from a questionnaire given to active users in 2025. The results show that customer experience and purchase intention are greatly and favourably impacted by social media marketing. Additionally, purchase intention is significantly positively impacted by customer experience, which also partially mediates the link. These findings emphasize the necessity of delivering positive customer experiences to enhance marketing effectiveness.

Dynamic Panel Analysis of the Effect of FDI, Domestic Investment, and Remittances on Per Capita Income in Indonesia

Eka Agustiani, Endang Astuti — Wed, 24 Jun 2026 00:00:00 +0000

This study analyzes the effect of Foreign Direct Investment (FDI), Domestic Investment (DI), and remittances on per capita income in Indonesia using a dynamic panel data approach. The study employs balanced panel data covering 38 provinces in Indonesia during the 2013–2023 period, with a total of 418 observations obtained from the Central Statistics Agency (BPS). The estimation method used is the Difference GMM Arellano-Bond to address endogeneity issues and dynamic bias caused by the presence of a lagged dependent variable. The validity of the model is confirmed through the Sargan test (prob = 0.3082) and the AR(2) test (prob = 0.2840), both of which satisfy the required criteria. The estimation results indicate that FDI, DI, and remittances all have a positive and significant effect on per capita income at the 99% confidence level. Remittances are the variable with the greatest influence (β = 0.2314), followed by FDI (β = 0.1128) and DI (β = 0.0654). Furthermore, evidence of income convergence among provinces is found, as indicated by the negative coefficient of the lagged per capita income variable (-0.1076), with an adjustment speed of 10.76% per year toward long-run equilibrium. The discussion is substantiated by empirical evidence from multiple Sinta 2 and 3 accredited studies, confirming the transmission mechanisms of FDI through technology spillovers and employment creation, the role of domestic investment in driving local economic activity, and the contribution of remittances through consumption and productive investment channels. This study recommends strengthening the investment climate, equalizing the distribution of domestic investment beyond Java, and channeling remittances toward productive activities as strategies for achieving inclusive and sustainable improvements in welfare across all regions of Indonesia.

Digital-Sensory Confluence in Hotel Brand Experience Formation: a Multi-Case Study on Grand Mercure Malang Mirama, the Alana Malang, and Bobobox Malang

Suprapto, Wening Patmi Rahay, Agus Hermawan — Wed, 01 Jul 2026 00:00:00 +0000

Hotel competition is no longer determined solely by price and amenities, but rather by the brand's ability to build digital expectations that are consistent with guests' sensory experiences at service sites. This article aims to formulate a digital-sensory congruence model in the formation of hotel brand experiences using the context of three hotel brands in Malang City that have different positions: Grand Mercure Malang Mirama, The Alana Malang, and Bobobox Malang. The article was compiled as a conceptual study based on exploratory multi-case design through the synthesis of digital branding literature, online brand experience, sensory marketing, servicescape, and hospitality experience. The analysis yielded three conceptual findings. First, digital branding functions as a gateway to experience through websites, social media, online travel agents, online reviews, photos, videos, and applications. Second, sensory marketing is proof of the brand's promise through visual, auditory, olfactory, tactile, and gustatory stimuli that affect the perception of quality, comfort, trust, and memory of the experience. Third, congruence between digital appointments and actual sensory experiences is an important mechanism that bridges pre-stay expectations with post-stay satisfaction and advocacy. The contribution of this article is to offer a conceptual model, research proposition, as well as an empirical validation agenda for the development of a more measurable, ethical, and experience-oriented hotel branding strategy.

The Impact of Total Quality Management on Company Performance on the X Online Transportation Service Platform in Bali

Putu Diri Adnyana, Ni Ketut Purnawati — Tue, 30 Jun 2026 00:00:00 +0000

Company performance is the primary benchmark for assessing how well an organization can survive and compete. In the gig economy, a company’s success depends heavily on effective resource management to maintain service quality for users. Therefore, this study was conducted to examine how implementing total quality management affects the company’s performance. Using quantitative methods, data were collected from 140 active driver-partners via convenience sampling and analyzed with multiple linear regression in SPSS. The results of the study showed that simultaneously, the TQM dimension had a positive and significant influence on the company’s performance. Partly, the focus on customers and the efficiency of the operational system proved to be the dominant factors driving the company’s performance in Bali. However, the education and training dimensions were found not to affect the company’s performance. These findings suggest that system reliability and service quality in the field determine performance stability more than formal training programs do.

The Mediating Role of Professionalism in the Relationship Between Organizational Culture, Transformational Leadership, and Asatidz Performance

Muhammad Salim Faroghy, Bibin Rubini, Iyan Irdiyansyah — Tue, 30 Jun 2026 00:00:00 +0000

This study examined the effects of Pesantren Organizational Culture and Transformational Leadership on Asatidz Performance, with Professionalism as a mediating variable. The study employed a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected from 150 asatidz selected through proportionate stratified random sampling from several pesantren institutions. The analysis applied the Higher-Order Construct approach with the disjoint two-stage method using SmartPLS 4. The results showed that Professionalism had the strongest positive effect on Asatidz Performance. Pesantren Organizational Culture significantly influenced both Professionalism and Asatidz Performance. Transformational Leadership significantly affected Professionalism but did not directly influence Asatidz Performance. Mediation analysis revealed that Professionalism partially mediated the relationship between Pesantren Organizational Culture and Asatidz Performance, while fully mediating the relationship between Transformational Leadership and Asatidz Performance. These findings indicate that professionalism is the primary mechanism through which organizational culture and leadership contribute to improving the performance of asatidz. The study highlights the importance of strengthening professional values, organizational culture, and leadership practices to support sustainable performance improvement in pesantren educational institutions.